Stock market volatility has spooked investors into selling their artwork for cash-sometimes at rock-bottom prices.
Margaret M. Towle, who manages about $1 billion in assets for endowments
and wealthy families, has joined HighTower as a partner and managing
director.
The stock market's recent volatility may mean lower sales for high-end
retailers such as Tiffany & Co. and Neiman Marcus Group Inc.
Economic miracles sometimes need course corrections, even in Singapore,
which last year was home to more U.S. dollar-millionaire households per
capita than any other country.
Blackstone Group LP, the world's largest private-equity company, told
investors it raised $4 billion for its latest real estate fund, four
months after kicking off fundraising.
Wealthy individuals in the U.S. will find it easier to cut their
estate-tax bill as a result of a provision for using their deceased
spouses' exemption credit.
John Paulson, the billionaire who is betting on an economic recovery, lost 11 percent in the first week of August in his
largest hedge fund, according to a person familiar with the firm.
Hedge funds run by Och-Ziff Capital Management Group LLC and Brevan
Howard Asset Management LLP advanced last week, dodging the deepest slump for global stocks since 2008.
These days, you don't have to be a Carnegie to have a family
office. If you have as little as $5 million,
you can take your pick of hundreds of multifamily firms.
SAC Capital Advisors LP, the $14 billion hedge fund run by billionaire
Steven A. Cohen, may have lost about $196 million from its stake in
drug-maker Dendreon Corp.
Fractional ownership of private jets and use of jet cards is on the rise
as commercial travel frustrates fliers, despite the high cost.
Surging demand for Chateau Lafite and other French trophy labels,
especially from Asia, has pushed both prices at auction and wine futures
to records. Not all wine dealers are happy.
A former UBS AG banker was indicted on a charge of conspiring to help
wealthy Americans evade taxes by hiding accounts in a smaller Swiss
regional bank.
Thirty years from now, Oxford Financial Group founder Jeffrey Thomasson may pass on more than $100 million to heirs using an estate-planning strategy for avoiding gift and estate taxes.
Royal Bank of Canada may spend as much as C$1 billion ($1.06 billion) to
buy asset managers outside Canada as it seeks
to triple profit from wealth management in the next four years.
Goldman Sachs COO Gary Cohn should be the obvious choice to replace CEO Lloyd Blankfein, but insiders say he isn't.
Federal prosecutors in New York accused a Swiss financial advisor of
conspiring with more than 60 U.S. taxpayers to hide more than $184
million in offshore accounts.
by
Ray Fazzi
A Ferrari 365 GTC is for sale priced at 375,000 pounds ($600,000) after
its owner discovered that the car once belonged to the musician George
Harrison.
New York City's pension plans may unload a $2 billion portfolio of
buyout funds to trim their private-equity relationships, said two people
with knowledge of the plan.
by
Jim McConville
A Los Angeles asset management firm got a capital boost from a private equity firm that helps fund management buyouts,
recapitalizations and start-ups.
